Posted by Rich-CA on June 26, 2007 at 09:36:31:
I understand. Our investment interest rates are similar. Have you considered a 2nd rather than a HELOC?
No HELOC for investment property? - Posted by Jennifer-NC
Posted by Jennifer-NC on June 25, 2007 at 19:12:00:
I’ve had my credit union AND two major banks tell me that they don’t do home equity loans or HELOC’s for investment property. I need to tap into the equity on one of my houses to invest in another property.
I know there are lenders who will lend on the equity of an investment property. Who are they?
Re: No HELOC for investment property? - Posted by Ben Carmona
Posted by Ben Carmona on June 25, 2007 at 21:13:09:
Jennifer
There are absolultely helocs for investment properties. Not every lender offers these because of the associated risk. Some of the big questions will be:
How long has title been seasoned for.
Credit
What type of income documentation is needed.
Property Type
Loan Amount
I’d suggest working with a mortgage consultant that specializes in investment loans such as these.
Ben Carmona
Re: No HELOC for investment property? - Posted by Rich-CA
Posted by Rich-CA on June 25, 2007 at 20:14:31:
Why don’t you do a cash out refi. You’ll get a better interest rate than a HELOC can give you. I have several friends who use investment property HELOCs for working capital.
Re: No HELOC for investment property? - Posted by Jennifer-NC
Posted by Jennifer-NC on June 25, 2007 at 22:36:53:
Because I have a 5.25% interest rate on the first, and I don’t want that to increase. The HELOC seems like the way to go.